Cronos (CRO) Definition
What is Cronos (CRO)?
CRO is the native blockchain token designed by CRO Protocol Labs, also known as Crypto.com. It is a company that provides an all-in-one decentralized finance app and exchange. You can buy and sell crypto, stake your crypto and earn with it, collect all your crypto in one wallet, and much more.
Learn more about Cronos (CRO), Crypto.org, Crypto.com and how to get CRO.
Key points to remember
- The company was initially called Monaco, but it rebranded itself as Crypto.com in 2018.
- The company’s mission is to “put crypto in every wallet” by becoming a provider of all things decentralized finance and cryptocurrency.
- Crypto.com is a one-stop cryptocurrency exchange and decentralized finance platform; it offers an app and a Visa card that lets you use your crypto for fiat currency purchases.
- Cronos (CRO) is the utility token for the Crypto.org and Cronos.org blockchains.
Understanding Cronos (CRO)
Originally Monaco, Crypto.com rebranded itself in 2018. It is an all-inclusive financial platform that offers cryptocurrency trading services through an exchange, payment services through an app and Visa card, decentralized funding options, and non-fungible tokens. The company also has its own cryptocurrencyCRO, used in its blockchain to power its applications.
CRO is not actionable due to the design, protocols and consensus mechanism used. CRO can be purchased on the Crypto.com exchange; however, access to the exchange is not yet available for US residents.
Crypto.com was created with the vision of providing access to cryptocurrency to everyone in an attempt to accelerate the global transition to cryptocurrency. To do this, the founders imagined a platform that meets the decentralized needs of investors, traders, consumers and businesses. They decided that a platform that offered these services would be better served with its own blockchain rather than creating a fork of an existing one.
The original cryptocurrency created by the company was MCO, for its name Monaco. After changing name to CRO ProtocolLabs (Crypto.com), the company changed the symbol of its coin to CRO. Its cryptocurrency is designed to be used in its own blockchain.
Crypto.com offers five service categories, which it calls verticals:
- Payment: Crypto.com Pay, Visa card
- Trade: Crypto.com app and exchange
- Financial services: Decentralized products, income and credit
- Metaverse:NFT
- Blockchain infrastructure: Crypto.org chain (blockchain), Cronos
Crypto.org Chain, the Crypto.com blockchain, uses a proof-of-stake consensus mechanism called Tendermint. Five billion CRO was initially allocated for reward distribution, and new blocks are created approximately every five seconds.
How is Cronos (CRO) different from Ethereum (ETH)?
Ethereum and Crypto.com have a similarity: they are both designed with a native token that supports many functions in its environment. However, this is where the similarities end and the differences begin.
First of all, Crypto.com is a company that designed its own closed source block chain with the aim of offering several decentralized financial services through a single provider and a single platform. Ethereum is meant to be built by anyone and is open source, allowing anyone to view the programming, suggest modifications, or create their own products.
Secondly, Crypto.com’s focus is different from Ethereum’s as it is a company providing financial services – in this aspect it centralizes a concept that by design was meant to be decentralized. Ethereum, the global virtual machine, is fully decentralized. The Crypto.org blockchain and its supporting Cronos chain run on the Ethereum virtual machine.
You can buy and trade cryptocurrency, exchange your crypto for fiat currency, and use the Crypto.com Visa Card at over 80 million merchants worldwide. Additionally, you can trade and invest in cryptocurrency using Crypto.com’s exchange.
Third, Crypto.com’s services are convenient for cryptocurrency fans and users who want to have all their transactions and digital assets in one place. Although this is centralized, it is not inherently a bad thing. Not everyone is comfortable with different exchanges to convert their cryptocurrency or wants to have multiple different wallets and need to move assets back and forth. Crypto.com provides almost everything an average person needs to get involved in cryptocurrency and decentralized finance.
Objectives of the CRO
According to Crypto.com’s mission and vision statements, its overall mission is “to accelerate the global transition to cryptocurrency” by providing people with digital financial services. With access to a wide range of cryptocurrencies and related to the blockchain products and servicesCrypto.com believes it will lead the charge to Web3, which will theoretically be built on blockchain technology and use cryptocurrency.
Crypto.com’s native blockchain token, CRO, is designed to facilitate transactions using its custom blockchain. CRO is used to pay transaction fees and can be staked to become a validator to earn token rewards.
Is CRO a good investment in 2022?
Cronos (CRO) is a utility token designed by Crypto.com to facilitate transactions within its blockchain and financial ecosystem. You can find it on some centralized exchanges, but it was not intended as an investment. If you want to consider it as an investment, you should talk to a professional financial advisor about adding it to a portfolio.
What is CRO cryptocurrency?
Cronos (CRO) is a utility token created by Crypto.com for use in its blockchain and decentralized financial services environment.
Is Crypto.com better than Coinbase?
Coinbase is a cryptocurrency exchange regulated by the Securities and Exchange Commission. Crypto.com is a full-service decentralized financial services provider and exchange that cannot yet operate in the United States. Whether one is better than the other depends on user experience, accessibility, and whether it meets the needs of its customers.
Investing in cryptocurrencies and other initial coin offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the author to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decision. Investopedia makes no representations or warranties as to the accuracy or timeliness of any information contained herein.